Seagen Inc. (NASDAQ:SGEN) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in shares of Seagen Inc. (NASDAQ:SGEN – Get Rating) by 4.4% in the third quarter, HoldingsChannel.com reports. The firm owned 1,008,200 shares of the biotechnology company’s stock after acquiring an additional 42,608 shares during the quarter. Bank of New York Mellon Corp’s holdings in Seagen were worth $137,952,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. American Trust grew its stake in shares of Seagen by 6.7% during the third quarter. American Trust now owns 3,200 shares of the biotechnology company’s stock worth $438,000 after purchasing an additional 200 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Seagen by 73.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 60,528 shares of the biotechnology company’s stock worth $8,283,000 after purchasing an additional 25,654 shares in the last quarter. Toroso Investments LLC grew its stake in shares of Seagen by 2.8% during the third quarter. Toroso Investments LLC now owns 3,047 shares of the biotechnology company’s stock worth $417,000 after purchasing an additional 82 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Seagen during the third quarter worth $4,952,000. Finally, Industrial Alliance Investment Management Inc. boosted its stake in Seagen by 2.6% in the third quarter. Industrial Alliance Investment Management Inc. now owns 17,891 shares of the biotechnology company’s stock valued at $2,448,000 after acquiring an additional 454 shares in the last quarter. Institutional investors and hedge funds own 86.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SGEN shares. Guggenheim restated a “buy” rating and issued a $170.00 price objective on shares of Seagen in a research note on Tuesday, February 28th. Barclays upped their price objective on shares of Seagen from $145.00 to $228.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 14th. Royal Bank of Canada upped their price objective on shares of Seagen from $155.00 to $229.00 and gave the company an “outperform” rating in a research note on Tuesday, March 14th. BMO Capital Markets restated a “market perform” rating and issued a $229.00 price objective (up previously from $179.00) on shares of Seagen in a research note on Tuesday, March 14th. Finally, JMP Securities downgraded shares of Seagen from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 14th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $187.29.

Insiders Place Their Bets

In other Seagen news, EVP Charles R. Romp sold 1,129 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $127.63, for a total transaction of $144,094.27. Following the transaction, the executive vice president now directly owns 58,475 shares in the company, valued at $7,463,164.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Seagen news, EVP Charles R. Romp sold 1,129 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $127.63, for a total transaction of $144,094.27. Following the transaction, the executive vice president now directly owns 58,475 shares in the company, valued at $7,463,164.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd E. Simpson sold 39,946 shares of the company’s stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $160.00, for a total transaction of $6,391,360.00. Following the transaction, the chief financial officer now owns 137,185 shares in the company, valued at $21,949,600. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,798 shares of company stock worth $24,458,163. 27.30% of the stock is owned by company insiders.

Seagen Stock Down 0.1 %

NASDAQ SGEN opened at $200.30 on Friday. The stock has a market capitalization of $37.41 billion, a P/E ratio of -60.70 and a beta of 0.53. Seagen Inc. has a 52-week low of $105.43 and a 52-week high of $202.86. The firm has a 50-day moving average price of $153.97 and a 200 day moving average price of $140.38.

Seagen (NASDAQ:SGEN – Get Rating) last posted its quarterly earnings results on Wednesday, February 15th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.02) by $0.22. The firm had revenue of $528.20 million during the quarter, compared to analysts’ expectations of $479.81 million. Seagen had a negative net margin of 31.10% and a negative return on equity of 21.13%. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.95) earnings per share. On average, equities research analysts expect that Seagen Inc. will post -2.98 earnings per share for the current fiscal year.

About Seagen

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Seagen Inc is a biotechnology company, which engages in the development and commercialization of targeted therapies for the treatment of cancer. It also engages in the advancement of therapies for solid tumors and blood-related cancers. Its products include Adcetris, Padcev, Tivdak, and Tukysa. The company was founded by Clay B.